Option on McM controlling interest sold

McM Corp., a Raleigh-based insurance holding company, has been informed that Wilmington Trust Co., holder of 66 percent of the company's stock through the McMillen Trust, has granted the McM Acquisition Co. the right to purchase all of the trust's stock at $6.20 a share. That company is controlled by private investor and real estate developer M. Roland Britt. In a filing, MAC said that such a purchase would be subject to finding the necessary financing, as well as other regulatory approvals. McM stock closed at $5.25, up 38 cents.